Despite the availability of digital & card payment methods, businesses still use physical cash mainly for petty cash & casual wages & cheques mainly for supplier, utility & statutory payments. They do so with full awareness of the risks that using cash creates & the operational delays that cheques create but have little alternative because the latest solutions do not sufficiently address their needs where the act of payment is only one component within the transaction which has actions preceding & coming after.
Popote Pay is a revolutionary Payments, expense management & accounting solution for businesses. It is unique in that enables all the actions within a transaction to be performed in one place i.e requisitions, approvals, disbursement & accounting thereof, with a wealth of supporting features & capabilities.
It allows multiple users on an account to collaborate on payments, while providing the controls & visibility to do so safely. Users can be assigned rights & limits to either create, approve their own or approve others payments. Payments can be disbursed one at a time, in installments or in bulk to a wide range of recipients. They can also be transmitted instantly or post-dated. Thereafter expenditure records are maintained in an accounting format, by general ledger & a variety of cost centers including Branches, Jobs, Projects, Fleet Vehicles & Plant & Machinery, which can be filtered, drilling down & also displayed graphically.
It is used from a web portal or the mobile application & incorporates SMS & email communications which empowers users to perform their roles from anywhere. At the minimum it allows businesses to go cashless, but if adopted fully it replaces cheques & all other payment methods with the benefits of standardizing the payments process & maintaining expense records all in one place.
Popote Pay also enables businesses to access instant, unsecured, short term loans. Ultimately, for Businesses, Popote Pay eliminates risks, prevents fraud, reduces workload, delivers higher profits & improves the quality of work life for investors, managers, employees & auditors alike.
Popote Pay is cloud based. Users access it via the mobile application or web portal to make payments to bank accounts, mobile wallets & most other destinations. Users can also opt for a linked Card to make payments on websites & point of sales, with data returned to the application for accounting purposes.
Popote Pay is available to Banks in either a Partnership format or a White Label license format.